European Green Transition PLC (AIM:EGT) highlighted the progress at its Olserum Rare Earth project in Sweden, extending the key license until 2029. It noted that the project demonstrated district-scale potential in 2024, which strengthens its position for partnership and sale discussions.
EGT this week released its interim results for the first six months of 2025, and CEO Jack Kelly joined the Proactive studio.
It also reported an extension of licenses at its Pajala copper project until 2028. In addition, the option agreement for the Altan Carbon credit project in northwest Donegal was extended by six months at no cost.
The company pointed to recent funding commitments by major technology groups Meta, Microsoft and Google for Irish peatland restoration, suggesting increasing activity in this sector.
Proactive: Jack, very good to speak with you. You've published your interim results for the first six months of 2025. Could you give us an overview of the highlights in the announcement?
Jack Kelly: Thanks, Stephen. Yes, we’ve made really good progress so far in 2025, particularly with our Olserum Rare Earth project. We built on the drill program completed at the end of 2024, where we proved district-scale potential for rare earths at Olserum. In the first half of the year, we successfully extended the key license at Olserum for a further four years to 2029.
This puts us in a strong position for the ongoing sale and partnership discussions. Additionally, with the Pajala copper project in Sweden, we managed to extend those licenses by three years to 2028. That also strengthens our position in partnership talks. Furthermore, we extended at no cost the option agreement for the Altan Carbon credit project in northwest Donegal by six months. There’s movement in this space, with Meta, Microsoft and Google recently pledging €3 million to peatland restoration in Ireland. We think this is an interesting area that is gathering momentum.
On a corporate level, Cathal Friel stepped into the role of executive chairman at the end of June. He is our largest shareholder and was previously a non-executive director. He is now leading the M&A strategy we are looking to implement at European Green Transition.
Proactive: Can you tell us how you can help deliver on that M&A strategy, Jack?
Jack Kelly: Absolutely. Since our IPO, we have been clear that this is not a mining company. We do have mining and exploration assets, which we are looking to partner or sell, but our key focus is on acquiring distressed, revenue-focused businesses.
Cathal has had success in this area before, notably with hVIVO and Amryt Pharma, where he acquired revenue-stage businesses that were distressed and transformed them into solid, growing companies that delivered shareholder returns. That is what we want to replicate with European Green Transition. We have a pipeline of green economy opportunities, all at the revenue stage, which we believe we can secure at attractive valuations. We are also seeing opportunities in other sectors that are of interest.
We are in a strong cash position with €2.90 million as of 30th June, no debt and no committed costs. That leaves us well positioned to execute our M&A strategy under Cathal’s leadership.
Proactive: As you mentioned, you are moving away from mining and natural resources. What are you going to do with the existing mining assets?
Jack Kelly: The plan has always been to de-risk those assets, particularly Olserum, which we did last year by proving district-scale potential for rare earths. We’ve extended the licenses and there has been a big increase in interest in rare earths over the past six months. Prices have risen, geopolitical tensions have highlighted supply chain risks, and we’ve seen the US government invest $400 million in Mountain Pass Materials. Apple also signed a $500 million offtake agreement with MP Materials.
This shows the importance of strengthening supply chains. We think Olserum is well positioned, given there is no active rare earth mine in Europe today. The asset could make a significant impact on European supply chains in the future.
Proactive: Jack, I hope you continue to keep us updated with your progress.